State teachers' retirement: administration: benefits.

(1) The State Teachers' Retirement Law, which is administered by the Teachers' Retirement Board, prescribes a comprehensive system of rights and benefits for its members, including disability benefits, retirement, death benefits, and absences under the Family Medical Leave Act. This bill would authorize the Teachers' Retirement Board, by resolution, to direct the Controller to transfer all or a portion of the assets of the Teachers' Retirement Program Development Fund for expenditure for the programs authorized to receive moneys from that fund, if the board finds that the transfer would facilitate the administration of those programs. This bill would also make clarifying changes to those provisions of law, including changes that would identify employees who are subject to conflict of interest provisions, provide that a cancellation or change in a retirement option may not be made on the effective date of a member's retirement, clarify that applications for disability retirement are required to be submitted on properly executed forms, and conform those provisions with applicable provisions of federal law. (2) Existing law provides that an employer shall reimburse the retirement system for any overpayments of benefits that occur as a result of erroneous reporting. This bill would, in the case of employer-reported erroneous information that result in an overpayment, require the system to calculate the actuarial present value of the payments that should have been received from a member, former member, or beneficiary and would require the employer to pay the difference between the total amount of the overpayment and the calculation of the actuarial present value of expected payments.